The medical tourism agencies industry in the Nordics connects international patients with healthcare services across specialized clinics and hospitals. This industry features organizations focused on offering services ranging from elective surgeries to wellness treatments, often at competitive prices compared to local options. With the rise of digital health solutions and telemedicine, these agencies are evolving to enhance accessibility and streamline their operations. As health-conscious travelers seek places known for high-quality medical care, Nordic countries are positioned as prime destinations for medical tourism, driven by their commitment to patient safety and advancing technologies.

The group of investors in this list showcases a mix of venture capital, private equity, and corporate investors, predominantly based in Sweden and Denmark. These investors vary in size, from small firms to major entities with thousands of employees. Established over several decades, their focus has been to support the healthcare sector, with reported investments for 2024 ranging from two to forty-five deals, reflecting a growing interest in medical tourism agencies and related ventures.

Top 18 Medical Tourism Agencies Investors in the Nordics

1. Novo Holdings

• Website: novoholdings.dk
• Type: Venture Capital
• Headquarters: Hellerup, Denmark
• Founded year: 1999
• Headcount: 51-200
• Number of deals in 2024: 45
• LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, it specializes in investing in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. In recent transactions, Novo Holdings has invested in Manipal Hospitals, a significant player in the healthcare sector, and Doctor Anywhere, a tech-led healthcare company that has raised substantial funding to enhance its digital capabilities and expand into new markets. These investments reflect Novo Holdings' commitment to advancing healthcare, which aligns with the interests of medical tourism agencies.

2. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has been involved in several transactions that highlight its interest in the healthcare sector, such as its investment in Nordic Health Innovation, which raised $2,000,000 in a venture round in 2015. Additionally, Almi participated in funding rounds for Handiscover, a company focused on making travel more accessible, which aligns with the needs of medical tourists. These transactions demonstrate Almi's potential relevance to the medical tourism industry, as they indicate an interest in healthcare and travel accessibility.

3. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. The firm has made significant strides in the healthcare sector, with notable acquisitions such as International Health Insurance Danmark in 2001, which indicates an interest in health-related services. In 2013, EQT acquired Terveystalo Healthcare for approximately $862 million, further solidifying its commitment to healthcare investments. More recently, in 2021, EQT acquired Icon Group, Australia's largest cancer care service provider, as part of its strategy to expand healthcare investments. These transactions highlight EQT's active role in the healthcare industry, making it a relevant player in the context of medical tourism agencies.

4. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a notable focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. Among its significant transactions, Nordic Capital acquired SpaMedica, an ophthalmology chain, for £300 million, highlighting its interest in healthcare services. Additionally, the firm acquired Atos Medical, a Swedish medical device company, to support its growth in the ear, nose, and throat rehabilitation market. These investments reflect Nordic Capital's commitment to enhancing healthcare services, which is closely related to the medical tourism industry.

5. Medicover

• Website: medicover.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1995
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: medicover

Medicover is a corporate investor based in Stockholm, Sweden, founded in 1995. It specializes in diagnostic and healthcare services, operating a network of medical clinics, hospitals, and laboratories primarily in Central and Eastern Europe and India. Medicover serves both individual consumers and corporate clients, offering a comprehensive range of health services to improve and maintain well-being. Notable transactions include the acquisition of Academica Medical Center in Romania, which enhances their presence in a region known for medical tourism. They also acquired Pelican Hospital, a leading healthcare provider in north-western Romania, further solidifying their footprint in the medical tourism market. Additionally, their investment in Sahrudaya Healthcare Pvt. Ltd. marks their entry into the Indian healthcare market, a significant hub for medical tourism, indicating their strategic focus on expanding services that attract international patients.

6. Kinnevik

• Website: kinnevik.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1936
• Headcount: 11-50
• Number of deals in 2024: 10
• LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based investment company founded in 1936, specializing in venture capital. The firm partners with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has invested in SafetyWing, an insurance firm that focuses on remote health offerings, which is particularly relevant for medical tourists. They also invested in VillageMD, which is expanding its primary care services, potentially enhancing healthcare access for those seeking medical tourism options. Kinnevik's strategic investments aim to redefine industries and address global challenges, positioning them as a significant player in the healthcare investment landscape.

7. Capio

• Website: capio.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1994
• Headcount: 10001+
• LinkedIn: capio

Capio is a corporate investor based in Gothenburg, Sweden, founded in 1994. As a private healthcare provider, Capio offers a range of medical services, including medicine, surgery, and psychiatry, through its network of health centers, specialist clinics, and hospitals across Sweden, Norway, Denmark, Germany, and France. In recent years, Capio has made several strategic acquisitions to enhance its service offerings. Notable transactions include the acquisition of Legevisitten, a Swedish group focused on elderly patient care, and Orbita Øyelegesenter, a Norwegian eye specialist clinic. These acquisitions reflect Capio's strategy to broaden its healthcare services and cater to a diverse patient base, including those seeking medical care from abroad, thus positioning itself within the medical tourism sector.

8. VNV Global AB

• Website: vnv.global
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1996
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn: vostok-new-ventures-ltd

VNV Global AB is a Stockholm-based venture capital firm founded in 1996, focusing on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. They aim to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has invested in Babylon, a digital health company that raised significant funds in multiple rounds, including a $230 million post-IPO equity round in 2021 and earlier rounds totaling over $59 million. Additionally, they participated in the seed funding of Medoma, a Swedish digital therapy startup that raised €6 million to develop virtual acute wards for patient care at home. These transactions highlight VNV Global's commitment to enhancing healthcare delivery, which is integral to the medical tourism sector.

9. Innovestor

• Website: innovestorgroup.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 12
• LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, the firm has a team size of 11-50 and has been actively involved in funding early-stage startups and corporations, particularly in technology and life sciences. Notably, Innovestor has participated in several significant transactions in the healthcare sector, including investments in Synoste Oy, which raised over €5 million for clinical investigations, and HVR Cardio, which closed a €10.7 million Series B financing round. These transactions highlight Innovestor's focus on supporting innovative healthcare solutions, making them a potential player in the medical tourism industry.

10. Industrifonden

• Website: industrifonden.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1979
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. With a focus on creating long-term value through partnerships with passionate founders, Industrifonden provides both financial support and strategic guidance to startups. Notable transactions include investments in NuvoAir, which raised funds to expand its digital care platform and support decentralized clinical trials, and TrialBee, a technology provider for patient matching in clinical trials. These investments highlight Industrifonden's commitment to enhancing healthcare delivery, which is relevant to the medical tourism sector. Additionally, their investment in Texray, aimed at improving occupational safety for healthcare professionals, further underscores their involvement in the healthcare industry.

11. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in various sectors, including technology, consumer products, and healthcare. Notably, they have made significant investments in the medical field, such as the acquisition of Pulse Medtech, a manufacturer of components for hearing aids and medical devices, and Orchid Orthopedic Solutions, which provides design and manufacturing services for orthopedic and dental markets. These transactions highlight Altor's commitment to the healthcare sector, making them a potential investor in medical tourism agencies.

12. Heartcore Capital

• Website: heartcore.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2007
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. In 2024, Heartcore Capital was involved in 17 investments, showcasing their active role in the venture capital landscape. Notably, they co-led a Series A funding round for Fora, a tech-forward travel agency, which raised $13.5 million in August 2022. This investment aimed to enhance Fora's platform, including client and booking management systems, which are crucial for travel agencies, including those in the medical tourism sector. Heartcore's continued support for Fora through subsequent funding rounds further highlights their commitment to the travel industry, making them a relevant player in the context of medical tourism agencies.

13. Finnvera

• Website: finnvera.fi
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2000
• Headcount: 201-500
• Number of deals in 2024: 3
• LinkedIn: finnvera

Finnvera Oyj is a public entity based in Helsinki, Finland, established in 2000, that provides financial services aimed at supporting the growth and internationalization of Finnish businesses. The company specializes in offering loans, guarantees, equity investments, and export guarantees, primarily targeting small and medium-sized enterprises. Finnvera plays a crucial role in enhancing the competitiveness of its clients by facilitating access to necessary financing. Notably, Finnvera has been involved in several transactions relevant to the healthcare sector, including investments in Synoste Oy, a company focused on limb-lengthening implants, which received funding for clinical trials and prototype development. Additionally, Finnvera participated in funding rounds for other medical technology companies, indicating its active role in supporting innovations that could intersect with medical tourism.

14. Creandum

• Website: creandum.com
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies. With a focus on venture capital investment, strategic support, and networking opportunities, Creandum nurtures companies from seed to IPO across various sectors, including fintech and health tech. Notably, they have invested in SafetyWing, which raised $35 million in a Series B funding round to scale its Remote Health offering, highlighting their interest in health-related services. Additionally, their investment in Kry, a digital healthcare provider that raised significant funding in Series D rounds, further emphasizes their commitment to the health tech space, which is relevant to the medical tourism industry.

15. Inventure

• Website: inventure.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been actively involved in various sectors, including healthcare. Notably, they led a €6 million seed funding round for Medoma, a Swedish digital therapy startup developing virtual acute wards for patient care at home. This investment aligns with the growing trend of digital health solutions, which are increasingly relevant in the context of medical tourism. Additionally, Inventure has invested in Noona Healthcare, a digital health platform that aims to enhance global marketing and strategic partnerships, further showcasing their commitment to healthcare innovation. Their recent investment in Livv Health, which raised over $1.5 million, also indicates their interest in health-related startups. Overall, Inventure's portfolio reflects a strong inclination towards healthcare technology, making them a relevant player in the medical tourism sector.

16. Getinge

• Website: getinge.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1990
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: getinge

Getinge is a prominent medical technology company based in Gothenburg, Sweden, founded in 1990. With over 10,000 employees, Getinge specializes in providing advanced equipment and systems for healthcare and life sciences, focusing on improving patient care in intensive care and surgical procedures. Their customer base includes healthcare facilities and professionals who rely on Getinge's solutions to enhance operational efficiency and patient outcomes. Notable transactions include the acquisition of Paragonix Technologies, aimed at enhancing organ transport solutions, and Fluoptics, which specializes in fluorescence imaging for surgery. These acquisitions reflect Getinge's strategy to expand its capabilities in critical healthcare areas, making it a relevant player in the medical tourism sector, where such technologies can significantly impact patient care across borders.

17. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in the healthcare sector, including the acquisition of Oral Hammaslaakarit, a dental care provider, which is relevant to medical tourism. This transaction highlights CapMan's interest in healthcare investments, suggesting a potential alignment with the medical tourism industry. Additionally, their diverse portfolio includes investments in transportation and accommodation, which are also critical components of the medical tourism ecosystem.

18. Össur

• Website: ossur.com
• Type: Corporate
• Headquarters: Reykjavík, Reykjavíkurborg, Iceland
• Founded year: 1971
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: ossur

Össur is a corporate investor based in Reykjavík, Iceland, founded in 1971. The company specializes in manufacturing medical devices, particularly prosthetics and orthotic solutions, aimed at improving mobility for individuals with limb differences and orthopedic conditions. Össur's innovative products are designed to enhance the quality of life for both consumers and healthcare professionals. In recent years, Össur has made several strategic acquisitions to bolster its position in the orthopedics market. Notable transactions include the acquisition of Touch Bionics, which allowed Össur to enter the upper limb prosthetic market, and College Park Industries, a global provider of prosthetic devices. These acquisitions reflect Össur's commitment to expanding its product portfolio and market reach, which could be beneficial for patients seeking advanced medical solutions through medical tourism.

Medical Tourism Agencies Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Novo Holdings	Hellerup, Denmark	51-200	1999	45
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Medicover	Stockholm, Stockholm, Sweden	10001+	1995	2
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Capio	Gothenburg, Västra Götaland, Sweden	10001+	1994	0
VNV Global AB	Stockholm, Stockholm, Sweden	1-10	1996	1
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Finnvera	Helsinki, Uusimaa, Finland	201-500	2000	3
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Getinge	Gothenburg, Västra Götaland, Sweden	10001+	1990	1
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Össur	Reykjavík, Reykjavíkurborg, Iceland	1001-5000	1971	1

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